2023-05-30 07:54:30
After marking time at the end of 2022, the Swiss economy regained some strength in the 1st quarter of 2023, supported by private consumption and the rise in exports. Gross domestic product (GDP) rose between 0.6% over one year and 0.3% over three months.
Adjusted for the effects of sporting events, Switzerland’s GDP grew in the 1st quarter by 0.5% compared to the last partial of 2022 and by 0.9% in the space of twelve months, the Secretariat indicated on Tuesday. of State for the Economy (Seco).
The development was in line with the expectations of economists surveyed by the AWP agency, who had anticipated growth between 0.1 and 0.3% over three months and between 0.6 and 0.7% over a year.
Growth in final domestic demand of 0.9% in the 1st quarter compared to the previous three months exceeded its historical average, observe the economists of the Confederation. While government consumption stagnated (+0.0%), private consumption increased substantially (+0.6%). Consumer spending on services, in particular, has increased markedly, including in the area of mobility and tourism. Driven by the travel sector, which continues to reinvigorate, value creation recorded above-average growth in the transport and communication sector (+0.7%) and in the hotel and catering sector (+ 1.0%).
Consumer spending on goods showed a less favorable development, with value creation falling by 0.4% in retail trade. Considered as a whole, trade nevertheless ended the quarter with a positive result (+2.1%) in favor of wholesale trade and automobile sales. Most of the other tertiary branches also recorded a positive development in the 1st quarter, including the important sector of business services (+0.2%) as well as those of health (+0.7%) and recreational activities (+ 1.2%).
This article has been published automatically. Source: ats/awp
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